Baidu Jumps After Q4 Earnings Beat
Baidu (NASDAQ: BIDU) is up more than seven percent in after hours trading after the company announced its fourth quarter results.
The firm reported a Q4 EPS of $1.39 versus the Street estimate of $1.37.
Earnings per share were up nine percent from the year-ago period.
Revenue arrived at $1.57 billion.
"We're pleased to have finished a milestone year for Baidu with a solid fourth quarter performance," Robin Li, chairman and CEO of Baidu, said in a company release.
"2013 was marked by our entry into new areas and significant progress in mobile, as we invested aggressively to build out Baidu's position in search, app distribution, and location-based services. Our efforts to drive mobile adoption among customers gained significant traction throughout the year. In the fourth quarter, mobile accounted for over 20% of total revenues."
Baidu shares have performed well over the last 12 months, rising more than 89 percent. The company has hit a few bumps this year, however. At market close on Tuesday, February 25, the stock was down more than five percent year-to-date.
Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.
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